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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am 72 years old. I retired and have a pension that bankruptcy

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I am 72 years old. I retired and have a pension that bankruptcy cannot attach or garnish. My wife owns our primary home in New York State for 10 years. We bought a summer home in NYS 3 years ago, and won it jointly. If I fale for bankruptcy, what happens to my 50% interest in our joint home?
You have to disclose all assets that you have an interest in.
If there is no equity in the summer home, then you can continue to make the mortgage payments and it won't be affected when filing for chapter 7 bankruptcy. If you have equity, one half is yours, and so then you might want to look into chapter 13 which is designed to protect assets that would normally be liquidated in a chapter 7 bankruptcy case.

Your attorney will need to know the value of the properties, your ownership interest, the balance on the mortgages to determine if the bankruptcy trustee would liquidate the asset if you file chapter 7.
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